Shiba Inu and Dogecoin Engage in War: Who Will Rule the Bear Market?

The memecoin war continues between Shiba Inu and Dogecoin as investors are debating over who will win,

In 2022, amidst the crypto winter, there's a big debate surrounding two of the most popular Shiba Inu and Dogecoin. Both are based on internet meme dogs so their popularity skyrocketed, and even Elon Musk tweeted at some point that Dogecoin would be the currency on the Moon.

Dogecoin is essentially the same technology as Bitcoin. Both Dogecoin and Bitcoin use a proof-of-work consensus protocol to verify transactions on their networks. However, Dogecoin is possibly a better option for making everyday payments, as its transactions are processed faster and at a lower cost than Bitcoin transactions. However, Dogecoin is not an exact clone of Bitcoin. Dogecoin has a much larger circulation supply than Bitcoin, and there is no maximum supply for the dog-themed cryptocurrency. With over 129 billion DOGE in circulation, the supply is far more plentiful than Bitcoin's 21 million maximum supply. In addition, 10,000 Dogecoin are minted every minute.

Shiba Inu is a token on the Ethereum network. Fungible tokens like Shiba Inu are ERC-20 tokens, (as opposed to non-fungible tokens, or NFTs, which use the ERC-721 token standard). Since the token is powered by Ethereum, the Shiba Inu can leverage smart contracts to create decentralized finance (DeFi) products. The DeFi sector has picked up steam this year with tokens like Uniswap, yearn. finance, and Aave skyrocketing in both price and adoption. These cryptocurrencies use smart contracts on the Ethereum blockchain to create decentralized exchanges (DEX), lending protocols, and even interest-bearing accounts.

The Shiba Inu has also entered the NFT space with Shiboshis, a collection of 10,000 NFTs themed after their pet Shiba Inu. The decentralized program uses the Ethereum network that allows NFTs to be auctioned, substituting a third party for smart contracts for transactions. Shiba Inu's technical structures indicate that SHIB prices are at a crucial level now. While it has seen a near 60% rally from its recent lows – it is still trading below an important resistance level of $0.00001250. It has seen constant growth over the past month and a half and can be expected to breach this level too.

Also, to add to the bullish narrative for the second largest meme coin by market capitalization, it is currently in an ascending triangle pattern. This price pattern is widely known as a very bullish pattern and indicates the possibility of a convincing breakout over $0.00001250. And because it is already trading above the 50-day moving average (marked in cyan blue) – we can expect to see a good recovery from SHIB prices if the rest of the market remains moderately bullish in the weeks to come.